Market Outlook

Support comes in at the 13598, 13400, 13145, 12950, 12770, 12600, 12431, 12292, 12100, 11959, 11856, 11753, 11605, 11495, 11340, 11235, 11143, 11078, 10979, 10878, 10783, 10665, 10550, 10490, 10380, 10250, 10129, 10025, 9925, 9830, 9700, 9533, 9450, 9367, 9218, 9119, 9030, 8988, 8893, 8810, 8731, 8620, 8531, 8448, 8369, 8290, 8150, 8055, 7979, 7924 while resistance comes in at 13778.

The Nifty has continued its upward march despite being in an overbought situation and the outlook remains almost similar, the Vix remains below 20 (its important for it to remain below the aforesaid level for the current ongoing positives to continue) and the Nifty needs to remain above 14000, 13865 and 13778 in that order to remain positive. Maximum call open interest comes in at 14000 followed by 14500 while maximum put open interest comes in at 13500 followed by 14000 indicating a slightly rough range (not very surprising considering the fact that we are in first week of the current series) compared to the last week but the situation remains fluid with movements expected on either side. Nifty has seen some notable addition in open interest during the week to end at 01.24 cr (rounded off) and has seen an increase of nearly 05.15% (rounded off) on the last trading session of the week; the Bank Nifty open interest has seen some major open interest being added (it stands at 13.91 lakh - rounded off) compared to the last week; has actually seen some significant increase in open interest (04.44%) on the last trading session of the week. The Vix has spent almost the entire week in a rangebound movement (with a mixed bias) above the 19.50 level (in terms of closing) except that it ended at 19.56 (higher from an intra week low of 17.63) which has resulted in a mixed market. The Nifty has once again posted a fresh all time high and closed at a fresh all time high and the sequence of higher tops and bottoms continues unabated indicating possible upside. Levels need to be respected and abovementioned support levels need to sustain from a closing point of view for the bias to remain bullish. As expected IT and Pharma continue to remain upbeat and could remain so. Support comes in at the 13598, 13400, 13145, 12950, 12770, 12600, 12431, 12292, 12100, 11959, 11856, 11753, 11605, 11495, 11340, 11235, 11143, 11078, 10979, 10878, 10783, 10665, 10550, 10490, 10380, 10250, 10129, 10025, 9925, 9830, 9700, 9533, 9450, 9367, 9218, 9119, 9030, 8988, 8893, 8810, 8731, 8620, 8531, 8448, 8369, 8290, 8150, 8055, 7979, 7924 while resistance comes in at 13778.